The Treaty of Versailles (: Traité de Versailles) was the most important of the that brought to an end. The Treaty ended the between and the . It was signed on 28 June 1919 in , exactly five years after the , which had directly led to the war. The other on the German side signed separate treaties. Although the , signed on 11 November 1918, ended the actual fighting, it took six months of Allied negotiations at the to conclude the peace treaty. The treaty was registered by the Secretariat of the on 21 October 1919.
Of the many provisions in the treaty, one of the most important and controversial required "Germany [to] accept the responsibility of Germany and her allies for causing all the loss and damage" during the war (the other members of the Central Powers signed treaties containing similar articles). This article, , later became known as the War Guilt clause. The treaty required Germany to disarm, make ample territorial concessions, and pay to certain countries that had formed the Entente powers. In 1921 the total cost of these reparations was assessed at 132 billion (then $31.4 billion or £6.6 billion, roughly equivalent to US$442 billion or UK£284 billion in 2020). At the time economists, notably (a British delegate to the Paris Peace Conference), predicted that the treaty was too harsh—a ""—and said the reparations figure was excessive and counter-productive, views that, since then, have been the subject of ongoing debate by historians and economists. On the other hand, prominent figures on the Allied side, such as French Marshal , criticized the treaty for treating Germany too leniently.
The result of these competing and sometimes conflicting goals among the victors was a compromise that left no one satisfied, and, in particular, Germany was neither nor conciliated, nor was it permanently weakened. The problems that arose from the treaty would lead to the , which improved relations between Germany and the other European powers, and the re-negotiation of the reparation system resulting in the , the , and the indefinite postponement of reparations at the . The treaty has sometimes been cited as a : although its actual impact was not as severe as feared, its terms led to great resentment in Germany which powered the of the .
Although it is often referred to as the "Versailles Conference", only the actual signing of the treaty took place at the historic palace. Most of the negotiations were in Paris, with the "Big Four" meetings taking place generally at the French on the .
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